The roll out of the new update to the Queensland National Electronic Conveyancing System or E-Conveyancing in 2015 is set to revolutionise the practice of completing real property transactions and lodging land title dealings for legal practitioners and conveyancers throughout Queensland.
While E-Conveyancing exists in Queensland following the 2013 release, it only provides a limited range of transactions for certain financial institutions. The 2015 rollout hopes to deliver a larger array of transaction options and open up E-Conveyancing to legal practitioners and conveyancers, where participants will be able to collate transaction information, prepare instruments, settle financial transactions and comply with tax and duty requirements.
Although the current options for lodging paper documents by e-lodgment, over the counter or by post will continue to be available, the new practice will replace paper based documents with electronic files for quick and easy use. As a result, financial institutions and practitioners will be able to transact online for the very first time.
Marketing of E-Conveyancing emphasises that the system will remove the elements of human error and virtually eliminate blunders including property settlements not taking place at the agreed place or time.
The hope is that the introduction of E-Conveyancing will increase the speed, efficiency and potentially lower the cost of conveyancing. The new system certainly appears to be a welcome change to all parties involved in conveyancing, however, it will be a matter of amending all the bugs in its infancy before we can truly assess its worth.
If you would like help with your conveyancing, then please contact our office.